Chapter 9, Problem 3AA

To determine

To find: The Correct word that completes the sentence.

Explanation of Solution

A completely unique business would attract nil competition because the product is unique and no other companies in the market are offering such features product thereby creating a kind of monopoly for them in the market. This process of showcasing the different features of the product is also knowns as product differentiation.

Economics Concept Introduction

Introduction: Competition refers to the rivalry between market forces which can be companies, firms or even small sized local stores. The competition is usually between the market forces selling similar or identical goods or services